EssilorLuxottica is suspending its dividend due to the coronavirus pandemic, it said Monday, adding its annual shareholder meeting has been delayed and its Essilor chief executive officer, Laurent Vacherot, has retired.
EssilorLuxottica scrapped its financial guidance on Friday and warned of a hit to second-quarter profit due to the coronavirus crisis, adding it was putting investments on hold as it halts production at selected sites.
A rescue deal to avoid the plant’s closure was approved by Italy's Ministry for Economic Development, creating the basis for assessing the plant’s re-industrialisation and to look for a new buyer and workforce.
Located in Nolita at 228 Elizabeth Street, the 500 square-foot boutique will house a variety of the brand's contemporary sun and optical eyewear styles, and will occasionally serve as a showroom, gallery, or event space.
EssilorLuxottica expects continued profit growth this year after stronger 2019 results, saying the outbreak of coronavirus had not hit output at its Italian factories and its China production was becoming normal.
Luxury group Kering had a good year in 2019 and the final quarter was also strong. Its star brand Gucci outperformed, Saint Laurent continued to power ahead and Bottega Veneta’s recovery looked to be well established.